NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

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more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Click to expand...

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

..one key economic data component has been quite good at predicting presidential elections, and that is consumer confidence. If the consumer confidence index is at 100 or higher, then the incumbent party is likely to win. If not, then the opposition party wins."​

We'll be in equilibrium within the next 18-24 months, even with all the shadow inventory to clear out. We are either at the bottom or near it. This is why when the economy begins to pop in 2014-15, people will credit whomever is President with the turnaround.

The new program to remove distressed mortgages off the balance sheets of Freddie and Fannie is attracting a lot of interest from investors.

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Click to expand...

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Click to expand...

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

The easiest way tp cure diarrhea is to let it run its course. Pediatricians as a rule strongly object to any efforts by the parents to intervene and slow down the course of events, the bowel an emminently self cleansing body organ.
The Governments, unwisely listening to all the squeaky wheels during the foreclosure crisis, threw the equivalent of five pounds of morphine at what should have been simply an innocuous case of diarrhea. As a consequence the whites of the patients eyes have now turned brown due to his inability to rid himself of his toxic accumulations.
You had an extended period of far too easy money, millions of people not qualified to borrow, borrowing huge sums of money to buy houses they were under the impression that irregardless of the price paid, all they had to do was hold the property for six months, flip it and pocket a cool one hundred thousand dollars for their effort. Like the supposedly unsinkable Titanic, there weren't enough lifeboats to be found after the iceberg.
Most of these people had never even heard of a real estate market crash, let alone lived through one, never having the pleasure of walking through subdivision after subdivision of new homes under construction, all work strangely, suddenly terminated, some completely framed with roofing material in place, others not, but with windows installed, all slowly weathering and becoming covered by the insidious growth of mildew on all shaded surfaces, foundation after empty foundation stretching over the horizon waiting for the shell of a house seemingly never to come.
A friend of mine, Air Force, after visiting his mother back home, cut his leave short to visit a friend of his who had been drummed out of the same service for flying his plane underneath some high tension power lines and rudely "Gave the plane back to the taxpayers".
The Democratic Congress and two Democratic presidents with the CRA set it up so that millions of Americans could eventually give their houses back to the taxpayers too.

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Click to expand...

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Click to expand...

Republicans look at their handiwork and say, "A job well done!"

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Actually Blow Job Billy was the one who ramped up sub prime mortgage lending it just imploded under GW.

And let's not forget the Fed's part in this. After all it was the artificially low interest rates that were in large part responsible for the refinancing boom that help inflate the bubble.

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

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Had Clinton not cemented his legacy as being the only elected POTUS to have ever been impeached for forcing little girls who work for him to give him sex, his destruction of our housing and credit markets would be that which he is best known for.

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